US ISM PMI seems crucial amid higher interest rates by the Federal Reserve
According to the estimates, the US ISM Manufacturing PMI data is expected to improve to 49.6 from the former release of 49.0. Apart from that, investors will focus on New Orders Index data that provide cues about the forward demand in the United States economy. TheThis week, the event of Federal Open Market Committee minutes will remain in the spotlight. The release of the FOMC minutes on Thursday will provide a detailed explanation of December’s monetary policy decision.
Observation from the Chinese official Manufacturing PMI shows a downbeat expression. Official China’s Manufacturing PMI data dropped to 47.0 vs. the expectations of 49.2 and the former release of 48.0.pattern, which is highly neutral as it has formed after a sell-off move from December 13 high around 0.6900. The round-level resistance of 0.6800 has remained a critical barrier for the Australian Dollar for the past 15 trading sessions.